Unlike the two other submarkets along the Gulf Coast, the Tampa Bay area had a balanced and measured 2017.

Its Top Five showcased a pair of hotel deals, an industrial sale and a suburban office portfolio transaction.

Analysts say the diverse nature of the transactions represents a robust market, and one that is likely sustainable into the coming year and beyond.

Tampa Bay also demonstrated consistency in 2017: Its Top Five deals, in terms of overall dollar volume, came in at just $1 million more than the combined take in 2016, and a scant $32 million more than the largest five transactions brought in 2015.

2 Element: $112.4 million

Boston-based Northland Investment Corp. paid the most for any multifamily rental project along the Gulf Coast in 2017.

The company also cemented its place as Florida’s second-largest owner and operator of market-rate apartments with the deal.

Matthew Gottesdiener, Northland’s chief investment officer, describes the 35-story Element as a “best-in-class, downtown high-rise asset.”

The 395-unit complex, at 808 N. Franklin St., opened in 2009.

Northland intends to upgrade Element’s amenities and make other improvements, Gottesdiener says.

To see the full article and list, visit: https://www.businessobserverfl.com/section/detail/2017-top-deals-tampa-bay/

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The company purchased Element, a 395-unit residential tower in downtown Tampa. The property marks Northland’s fifth purchase within the last five months.

Northland Investment Corp. has purchased Element, a 395-unit, luxury residential tower in the urban core of Tampa. The firm now owns 32 properties in Florida, including two recently acquired apartment communities in Jupiter. Element community marks Northland’s fifth purchase in the last five months.

The 35-story property was built in 2009 and is located at 808 N Franklin St. The area offers various dining and entertainment options such as the Tampa Theater, just a one-minute walk from the tower. The property comprises a mix of one- and two-bedroom apartments and two-bedroom penthouses.

Community amenities include:

• clubroom with plasma TVs
• 24-hour fitness center
• cabanas
• concierge
• controlled access
• elevated sundeck with spa
• swimming pool
• theater room

“We are very excited to enhance our local presence in Tampa while playing an active role in the ongoing downtown revitalization. Tampa has generated impressive gains in job, wage, and population growth during recent years and we are thrilled to be acquiring a best-in-class downtown high-rise asset significantly below replacement costs,” said Matthew Gottesdiener, chief investment officer of Northland, in prepared remarks.

To view full article, visit: https://www.multihousingnews.com/post/northland-expands-its-fl-portfolio/

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NEWTON, MA and Tampa, FL (OCTOBER 20, 2017) – Northland Investment Corporation, a member of the National Multifamily Housing Council’s Top Fifty Owners, announced today the acquisition of Element, a 395-unit residential tower in Tampa’s urban core. The 35-story high-rise community is Northland’s fifth acquisition in Florida in as many months.

“We are very excited to enhance our local presence in Tampa while playing an active role in the ongoing downtown revitalization. Tampa has generated impressive gains in job, wage, and population growth during recent years and we are thrilled to be acquiring a best-in-class downtown high-rise asset significantly below replacement costs,” said Matthew Gottesdiener, Northland’s Chief Investment Officer.

With the acquisition of Element, Northland becomes the second largest owner-operator of market-rate multifamily residential communities in the state of Florida with 32 properties and 9,122 units. In the coming years, Northland will undertake a sweeping value-add capital improvement project, including high-end interior renovations and an overhaul of the property’s amenities.

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